Regulator provides update on CBL administration | Insurance Business

CBL Corporation Limited’s voluntary administrators have confirmed they will focus on satisfying the requirements of the Companies Act and other obligations relevant for the duration of the administration.

According to the administrators, Neal Jackson and Brendon Gibson of KordaMentha, in an announcement from the New Zealand Exchange (NZX), they will release market announcements relating to their administrator’s reports that have been prepared or filed under the Companies Act 1993. CBL, on the other hand, will not be making any additional announcements.

On February 23, CBL was placed into voluntary administration. Weeks before this, the company’s shares were suspended by the NZX.

Should the administrators of CBL seek to have the firm’s shares removed from suspension, NZX said, the suspension will only be lifted:

If NZX Regulation is satisfied that all information that is required to be released to the market, has been released to the market; and

Otherwise at the discretion of NZX.

“CBL is party to a listing agreement with NZX Limited, under which it has agreed to comply with the NZX Listing Rules. NZX reserves the right to take appropriate action in respect of CBL’s non-compliance, in accordance with Our Approach to Enforcement,” it said.